More taxes to all the rest of us (who are property owners) while investors in new housing get their profits and increased property values.
Meanwhile the creation of this housing is somehow magically going to 'tinkle down' to create affordable housing.
Collecting a 5% fee to be applied to affordable housing won't make a dent in the need.
These new ideas to reinvent the program make it more complicated. A citizen examined this program a couple years ago and found that there was no City oversight or enforcement of the rules on the properties that has used it. How can we trust that these details will be enforced in the coming years?
If this program is expanded, we can expect everyone's property taxes to continue to rise to fill in for these exemptions. Will some homeowner lose their home because they can no longer pay the ever increasing taxes? That would be sad and ironic.
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